Mid-Century Modern Apartment
For Sale
Contact for pricing
1500 South Ocean Boulevard, Myrtle Beach, SC 29577
Fully renovated apartment community with 41 units, resort-style pool amenities, lounge and coworking areas, and on-site parking.
Property Size27,594 SF
Price / SF$197.51
Days on Market46
Property Features for 1500 South Ocean Boulevard
General Information
Standard status
Active
Size
27,594 SF
Property subtype
Multifamily
Zoning
MU-H
Additional Details
Multifamily Units
41
Amenities
full kitchen
high-speed WiFi
professionally designed interiors
resort-style pool
courtyard grilling oasis
lounge and coworking areas
lush tropical landscaping
on-site parking
Building Details
Year Built
1962
Year Renovated
2025
Buildings
2
Units
41
Construction
mid-century modern
Tenancy
Multi
Listing Agency:
RE/MAX Southern Shores
(843) 267-3585
Listed By:
Richard Singleton · License #SC 26622
Source:
Crexi
Added: Jul 9
Changed: Aug 11
Last Checked: Aug 21 at 9:43PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Southern Shores
Investment Insights
Based on property information with market context.
Originally built in 1962 as a beachside hotel, The Edge Apartments has been reimagined in 2025 into a mid-century modern apartment community. The property features 41 apartment units in a fully renovated setting with professionally designed interiors and common areas. Unit amenities include full kitchens with oven/stove, dishwasher, microwave, and refrigerator/freezer combinations, along with high-speed WiFi throughout the property.
Located at 1500 South Ocean Boulevard in Myrtle Beach, the community is described as just steps from the ocean. Residents have access to a resort-style pool and a courtyard grilling oasis, plus lounge and coworking areas. The grounds include lush tropical landscaping with over 50 palm trees, and the property offers convenient on-site parking.
Located at 1500 South Ocean Boulevard in Myrtle Beach, the community is described as just steps from the ocean. Residents have access to a resort-style pool and a courtyard grilling oasis, plus lounge and coworking areas. The grounds include lush tropical landscaping with over 50 palm trees, and the property offers convenient on-site parking.
Key Highlights
- 41‑unit apartment community originally built in 1962 at 1500 S Ocean Blvd, reimagined in 2025
- Fully renovated interiors with full kitchens including oven/stove, dishwasher, microwave, and refrigerator/freezer combinations
- High‑speed WiFi throughout the property
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$254,728
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,094,560
$5.1M
Cap Rate 7%
$3,638,971
$3.6M
Cap Rate 9%
$2,830,311
$2.8M
Market Conditions
NOI Build-Up for 27,594 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$483.4K $17.52/SF
− Vacancy
−$20.3K −$0.74/SF
EGI
$463.1K $16.78/SF
− OpEx
−$208.4K −$7.55/SF
NOI
$254.7K $9.23/SF
Area
Horry County, SC
Vacancy
4.20%
Lease Rate
$17.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,094,560
Cap Rate 7%
$3,638,971
Cap Rate 9%
$2,830,311
Alternative Uses
Best Use
Apartment 5plus
$3.64M
$3.18M – $4.25M
NOI $254,728 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.99M
$6.12M – $8.16M
NOI $489,540 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
41
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
602
Businesses Nearby
Explore this area
Business Placement
Demographics for 29577, SC
34,109
Population
22,630
Households
1.5
Avg Household Size
48
Median Age
30%
College-Educated
91%
High-School Grad
22.8 sq mi
ZIP Area
1,496
Density / Sq Mi
$48,561
Median Household Income
$33,591
Median Earnings
$1,130
Median Rent
$273,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated apartment community with 41 units, resort-style pool amenities, lounge and coworking areas, and on-site parking.
Where is this apartment building located?
The property is located at 1500 South Ocean Boulevard Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $5,450,000.
What are key features of this property?
This property features: 41‑unit apartment community originally built in 1962 at 1500 S Ocean Blvd, reimagined in 2025; Fully renovated interiors with full kitchens including oven/stove, dishwasher, microwave, and refrigerator/freezer combinations; High‑speed WiFi throughout the property
